3 Easy Steps to Sell an Owner Built or Renovated Home
You’ve put your heart and soul, sweat, blood and tears into your Owner Built home or property renovation and now it’s time to sell.
Selling an owner builder constructed or renovated property is a bit more complex than a usual home sale.
Follow these three easy steps and you will give purchasers the confidence to proceed with buying your home.
(1) Know the rules in your state.
In NSW, VIC and WA it’s currently mandatory to have an Owner Builder Inspection completed and a related insurance policy which protects the purchaser should you (gasp) die, abscond or become bankrupt and previously unknown defects are discovered.
In all other states its voluntary or optional meaning you can create buyer confidence and facilitate a faster sale by either:
- Providing the purchaser with a copy of an Owner Builder Report
- Going the extra step to take out a policy in their favour which will cover them from the date of settlement
(2) Order your Owner Builder Inspection Report ahead of time.
Not organisnig your report and insurance as you prepare your property for sale can result in delays which may derail your sale or deter buyers.
Your Owner Builder inspection report is generally valid for 6 months from the date of issue, so a single report can see you through the sale and settlement of most homes.
You can order one simply online from Jim’s or just call 131 546 to be put through to your local Jim’s Building Inspector.
Once your inspection report is complete you will still need to find and submit it to a relevant insurer to issue a policy, so don’t leave it until you have a buyer / bird in the hand.
Delays provide buyers with the opportunity to consider other properties and stumbling blocks like these may cause them to lose confidence in the purchase decision and you as the Vendor.
(3) Collate required documents before the Inspection.
It’s important to have important documents like those listed below collated and ready for your inspector to inspect (pun intended) on the date of your Owner Builder Inspection. Some insurers especially those in NSW will require much of this documentation to be submitted with the Report:
- Building Permit
- As constructed, stamped drawings and plans
- Certificate of Occupancy
Check out Owner Builder requirements in your state on our services page or call 131 546 for more information.